John age $45,$ Emily age $45,$ Son Nick $16,$ Daughter Sarah $17.$

John works for Suncor Energy earns $$75,000\mathrm{.}00$ CAD $($T$4$ Tax Slip$)$ per year $30\mathrm{.}5\%$ combined average tax rate. He has worked at Suncor for $15$ Years.

Emily works for Co$-$Op Wine and Spirits part time earns $$25,000$ CAD per year $25\%$ combined annual Tax rate. She has worked for Co$-$op for $10$ Years.

Nick and Sarah are in High School.

They have no Will, POA $($$$)$ or Personal Directive $($health$)$Financial Assumptions:

Home $$400,000$

Auto $65,000$

Household Items $30,000$

Credit Card Debt $(21\%)25,000$ outstanding, they are making the minimum monthly payment $1\%($Calculate the payment$).$

Current outstanding mortgage $$300,000\mathrm{.}00,$ currently a $25-$year amortization, $2\mathrm{.}5\%$ Fixed $5$ Year Term, semiannual compounding $($The Current term is ending next Month and the new rate will rise to $5\mathrm{.}6\%$ for a $5$ Year Fixed rate, semiannual compounding$),$ The Current monthly payment is $=$ $$1,300\mathrm{.}00$

Personal Line of Credit $($Unsecured$)$ They have $$12,000$ outstanding and are making the minimum monthly payment of $3\%$ on all outstanding balances. $($Calculate the monthly payment$)$

Home Insurance fee $$125\mathrm{.}00$ per month

Term Life Insurance for John, $$100,000$ T$-10$ Policy Expiring in $2025,=$ $$50\mathrm{.}00$ per month

Auto loan $$65,000$ on recent purchase of new BMW$,$ Monthly payment $$1,110\mathrm{.}00$ per month the load is dealer financed at $1\%$ Annual Interest, $5$ Year term.

Food $$550\mathrm{.}00$ month $($Inflation on food $13\%$ year over year$)$

Investment Savings in TFSA $$18,000\mathrm{.}00($Balanced Mutual fund $7\%$ ROI expected$)$

RRSP $$25,000\mathrm{.}00($Balanced Mutual Fund $7\%$ ROI Expected$)$

Pension plan John Defined Contribution $($Current Value $$125,000\mathrm{.}00$ DCP$-$ Locked in RPP$-$ Balanced Fund $7\%$ ROI Expected$)$

Discretionary Expenses $$700\mathrm{.}00$ per monthIf the Smiths earn $7\%$ on their existing TFSA, RRSP$,$ and DCP investment assets will they have enough to retire on based on the $($$$70,000\mathrm{.}00)$ income need for $30$ years post retirement $($age $95$ Life Expectancy$)?$